Section 1840-Q. Local development corporations

To be eligible for a loan,
  lease, sale or other agreement from the authority, a  local  development
  corporation  shall  meet  the  following requirements in addition to any
  others imposed by the provisions of this title  and  those  requirements
  imposed  pursuant  to  the  applicable provisions of title eight of this
  article.
    1. The corporation shall be incorporated or reincorporated  under  the
  not-for-profit  corporation law, in addition to other purposes, to adopt
  those purposes of the authority specified in  section  eighteen  hundred
  forty-c,  and  may  also be authorized to study and promote, alone or in
  concert with local officials and interested local groups,  the  economic
  growth  and  business  prosperity  of the area and the solution of other
  civic problems of the bi-county region which includes  such  areas,  and
  have  complied  with the requirements of section one hundred thirteen of
  the not-for-profit corporation law.
    2. The corporation shall have no member thereof who owns  beneficially
  more than five per cent of the capital stock of the project occupant.
    3.  The  corporation  shall  agree  to  be  bound  by  the  rules  and
  regulations of the authority  relating  to  assisted  projects  and  the
  operations  of  local  development  corporations  and  shall  submit  to
  examination of its  books  of  account  and  corporate  records  by  the
  authority  at such times as the authority may require during the term of
  any loan, lease, sale or other agreement made to it by the authority.